Answer:
c. The opportunity cost is the value of the next best alternative of his time - how he would spend his evenings if he wasn’t riding his bike
Explanation:
From the question, we are informed about Austin In the Fall, who likes to spend evenings riding his bike. In this case his opportunity cost of him doing this is the value of the next best alternative of his time - how he would spend his evenings if he wasn’t riding his bike. Opportunity costs is one of the major concept in as well as economics is concerned, it can be regarded as the potential benefits that is been missed out by an investor, individual as well as business when they are choosing an alternative over other alternatives
